Silver down over 1.5% on weak Asian cues

Silver prices fell by 1.52% to Rs 53,153 per kg in futures trading today, as investors engaged in reducing their positions amid a weakening trend in Asian trade.

At the Multi Commodity Exchange, silver for delivery in May fell by Rs 821, or 1.52%, to Rs 53,153 per kg, with a business turnover of 341 lots.

Similarly, the white metal for delivery in July declined by Rs 810, or 1.48%, to Rs 53,957 per kg, clocking a turnover of 341 lots.

Market analysts said profit booking by speculators in tandem with a weak trend in Asian trade on demand concern following last week's devastating earthquake in Japan.

Meanwhile, silver prices moved down by 1.6% to $35.36 an ounce today in Asian trade.